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Energy Market Insights: Natural Gas

Our Executive Director of Energy Products, Jeff White explains a new variable in the natural gas market and what traders need to focus on during the winter trading season.  

WTI Options Liquidity During Non-U.S. Hours

Highlights:

  • Over 80% of WTI Options (LO) volume electronically traded for almost two years.
  • WTI Options trading during London morning hours averaged 17K contracts/day in January 2019, up 16% YoY.

New Expiration Rules for Options

Highlights:

The new options expirations rules include the elimination of contrary exercise instructions for all physically-settled Crude Oil, Natural Gas, Refined Products, and Metals options contracts that expire after January 1, 2018.  Brent (BZO), Coal, Power, and Emissions options are excluded.

In addition, for exact at-the-money settlements, the auto-exercise rule has changed. If the underlying settlement price falls exactly on a strike price at expiration, the at-the-money calls will be exercised and the at-the-money puts will be abandoned.

For More Information:

Clearing CME Globex Floor CME ClearPort Product Name Subgroup Exchange Volume Open Interest
LO LO - LO Crude Oil Options Crude Oil NYMEX 125,534 2,310,377
LN LNE - LN Natural Gas Options (European) Natural Gas NYMEX 58,333 2,030,186
ON ON - ON Natural Gas Options (American) Natural Gas NYMEX 5,985 136,000
WA WAY - WA WTI Crude Oil 1 Month Calendar Spread Options Crude Oil NYMEX 5,750 607,725
BZO BZO - BZO Brent Crude Oil Futures-Style Margin Option Crude Oil NYMEX 5,284 167,971
G4 G4X - G4 Natural Gas (Henry Hub) Last-day Financial 1 Month Spread Options Natural Gas NYMEX 5,100 95,854
AO AAO - AO WTI Average Price Options Crude Oil NYMEX 4,210 306,861
BE BE - BE Brent Last Day Financial (European) Options Crude Oil NYMEX 4,000 101,781
LO3 LO3 - LO3 Crude Oil Weekly Options Wk 3 Crude Oil NYMEX 3,281 0
OB OB - OB RBOB Gasoline Options Refined Products NYMEX 2,777 15,211
Trade Date: 15 Feb 2019 | PRELIMINARY

Note: Volume and Open Interest data is from the previous trade date. Preliminary data updates at approximately 9:00 p.m. CT and the final update is at 10:00 a.m. CT next business day.

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